Actuary Internship Tips

Actuary internships are a bit different from most other types
of internship. These are highly technical jobs, requiring a lot of
detailed work, and employers need motivated, talented people who will
fit in well with their business models.

You will find that actuarial internships include excellent working
conditions and amenities, including in some cases free transport to and
from work, partially subsidized housing and other benefits, depending
on the employer. Actuaries are very much in demand in the finance
sector, and comparatively small numbers of graduates have created an
environment where recruiters are competing for talent.

Finding an internship

Actuaries are relatively few in numbers in the US, and businesses
actively recruit graduates and students from colleges. The insurance
industry, as the main employer, is particularly active in seeking
interns. It's easy to find internships, but the nature of actuarial
work tends to be specialize in particular industries, so aspiring
interns will need to check employer websites for information.

An actuarial internship can help start your career. It's advisable
to target specific employers, when looking for an actuarial internship.
Some major corporations offer excellent opportunities for internships,
and some of the internships do lead to offers of employment.

The most common actuary internship is the summer internship. This is
a 3 month paid internship which is both a job and a training experience
including practical work. Interns should be familiar with the
employer's industry and business. Researching the employer is a
particularly good idea, because some internship programs also entitle
interns to apply for full time actuarial trainee programs.

Important: Actuarial work is very heavily oriented to academic
achievements. Grades matter in getting these internships, and clear
indicators of particular areas of skills can be major positives for
applicants. Some employers set as a minimum requirement passing at
least one Society of Actuaries exam.

Actuary internship interview preparation

The internship job is based on many important skills and a good
knowledge of actuarial processes. Although this is a "training" job,
there's a required level of knowledge and skills. The bar is therefore
set high for interviewees, and preparation is particularly important.

Employers naturally require interns who are well prepared in their
line of business. These are all baseline skills for which most actuary
students are trained, but the next level can be much more complex.
Depending on the industry and the employer, there will be specialist
knowledge and skills involved:

Strong analytical skills: To demonstrate analytical skills,
you will need to give examples of situations and cases of analyses,
either practical or academic. Use examples which are clearly relevant
to the internship role, and show practical examples of knowledge.

Communications skills: These are important skills for
actuaries, who have to act as technical advisers in their professional
role. Make sure you express yourself clearly, using a structured format
to answer interview questions.